The market displayed fluctuating growth with positive increments from 2012 to 2015, followed by some annual declines particularly during 2016 and 2020. The recent data shows a recovery trend with a notable rise of 22.76% in 2021 and slight growth of 1.82% in 2022. The Compound Annual Growth Rate (CAGR) over the last five years stands at 2.96%, suggesting gradual overall growth.
Looking forward, key trends likely to influence the market include advances in automation and digitalization, increased demand for eco-friendly packaging, and fluctuations in raw material costs. Monitoring these factors will be crucial for understanding market direction and preparing strategically.
